TUI has taken another step out of the crisis with an almost balanced fourth financial quarter of 2021. Due to the successful resumption of the tourism business, TUI is close to reaching break-even in terms of underlying EBIT at -97 million euros in Q4 2021.
TUI Hotels & Resorts, an important and high earning division for the Group, as well as TUI tour operators in the Central and Western Regions, reported positive underlying quarterly results for the first time since the beginning of the pandemic.
Cash flow before financing activities was also positive for the second quarter in a row.
Fritz Joussen, CEO of TUI Group: “The operating business is back. We are generating significant cash inflows and achieving positive results again in many markets and with our hotels and TUI hotel brands. The programme of the first financial quarter of 2022 is already almost fully sold. This means that we are currently achieving 69 per cent of the pre-crisis level. We expect Summer 2022 to reach a largely normalised booking level. Structurally, we have also done our homework. The Group’s transformation and the global efficiency programme are progressing very well. In 2021 we have already achieved around 60 per cent of the annual cost savings of 400 million euros announced for 2023. In addition, we have reduced our debt with successful refinancing measures, strengthened the balance sheet and have very solid liquidity. I would like to thank our guests for their trust, all colleagues for their commitment and our partners in the markets and destinations for their dedicated support with the successful relaunch of tourism in 2021.”
For the full details of TUI Group’s Q4 results go to TUIGroup.com here.